Koreans want F1 team

Koreans want F1 team

04 June 2010Matt Campbell

Hankook Tyres is planning to be a part of formula one racing within a few years.

Hankook executive vice president, Hyun Bum Cho, says that the brand needs to stretch beyond its current motorsports program of small-scale rallying and production-based motorsports, and it’s aiming for the highest level of motor racing on the planet – formula one.

“In order to really make a hit in terms of marketing with motorsports, you need to participate in the top categories,” says Cho.

“Currently we do have a little Le Mans team, and some rally teams here and there, and we try to sell some motorsports tyres.

“In the future we want to have some hefty market share in that segment. It’s quite profitable ... but in order to really leverage from motorsports in terms of brands, you need to participate in either World Rally Championship or a very high segment in Le Mans, or formula one,” says Cho.

Korean tyre maker Hankook wants to be part of F1

“So in the future that’s the target that we have, to participate in those segments,” he says. “And that’s going to cost a lot of money, a lot of development cost, a lot of investment, and also how to run these operations with experience.

“Probably all of you know that Mr Bernie Ecclestone has some trouble with tyres this year,” says Cho. He says Hankook was approached to become a part of formula one sooner than he thought the company would be.

“I talked to him personally. We decided not to go on with the program [for 2011]. He needed a tyre very, very quick, and we could not prepare it,” says Cho.

“But we had a very good talk and maybe we’ll have a shot for next term, or another term. Because in the future we’d like to participate in the big events, in order to have some impact on our brand.” And when will Hankook take the plunge into top-tier motorsport?

“Not more than two or three years,” he says. “The emerging market brands have the money, they have the growth, they have the market, and they have the willingness. So it’s kind of an obvious choice,” says Cho.